Rents rise for second consecutive month, while rental arrears where down from April

Rental prices in London rose to record levels during May, according to the latest LSL Buy-to-Let Index.

Properties in the capital now command an average monthly rental cost of £1,038, a figure that was 0.6% up on the previous month and higher than the record prices of £1,033 posted last November.

Across England and Wales as a whole, rents lifted 0.4% to an average of £712 per month. These figures are up 2.3% on the same period in 2011.

Rental prices rose in the majority of regions with the top gains in the North West and East Midlands, where they rose 1.7% and 1% respectively.

Rental arrears figures improved month-on-month with 8.9% of all rent late or unpaid at the end of the month, down from 9.9%. Unpaid rent in May totalled £275m, down from £306m in the previous month.

Read the full story at Mortgage Solutions

RentPro property management software allows you to track rental arrears easily.

You may also like...